Comment Re:Their Job (Score 5, Insightful) 171
>> Because its their job to hate people who take advantage of others in matters of trade?
> Very true. A wholly free market is actually quite toxic, as a certain Adam Smith noted. Especially when it's dishonest.
Yes. Yes, yes, yes! Exactly this.
the FTC "simply substituted its own judgment for a private firm's decision as to how to design a product to satisfy as many users as possible."
Because that is what we pay them to do. And there is a very good reason; because private firms measure customer satisfaction through the lens of maximization of profit (fairly short run profit in the case of apps), and the FTC measures it through imperfect objective analysis of the rational self-interest and informedness of the transaction participants. Gee, here's a surprise: Those two measures don't always agree, and sometimes, when they are far enough out of whack, it actually increases GDP in the long run if you limit the freedom of people to engage in inefficienty transactions.
A really good example of such potentially inefficient transactions is children, who do not understand how much time and effort it costs to acquire money, are in the throes of video game passion and a screen pops up saying, "Win More, Only $3.99! Buy Now!"
Joshua Wright, an FTC commissioner who dissented...
A market filled with efficient transactions increases GDP in the long run relative to a market with less efficient transactions. So, tell me, Joshua Wright; do you hate the economy? Do you want a lower GDP? Do you want our corporations to lose money? Do want our wealthiest stockholders to have to buy slightly smaller Gulfstreams? Answer me, Mr. Wright: Do you hate America?